What is the primary revenue source for Marathon Petroleum (MPC)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze MPC's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Marathon Petroleum's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Marathon Petroleum Makes Money: MPC Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 95.46% of revenue, indicating concentration.

Operating margin improved by 5.71 percentage points year over year.

Revenue: USD 86.19B
Largest revenue segment share (Others): 95.46%
Cost of revenue: USD 74.33B
Selling, general and administrative: USD 1.76B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueSales and other operating revenues · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of revenues (excludes items below) · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative expenses · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Others)Others · segment_value / revenue * 100
Operating marginIncome from operations · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Property, plant and equipment: USD 37.94B
Accounts receivable: USD 15.74B
Inventory: USD 9.97B
Total liabilities: USD 68.59B
Shareholder equity: USD 25.72B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Property, plant and equipmentProperty, plant and equipment, net · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
InventoryInventories · InventoryNet
Accounts receivableReceivables, less allowance for expected credit loss · AccountsReceivableNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 202.66% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 5.65B
Operating cash flow: USD 11.45B
Cash conversion: 202.66%
Free cash flow: USD 9.35B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to mpc · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 585.00M
Share repurchases: USD 3.28B
Stock issuance proceeds: USD 2.00M
Net shareholder return: USD 3.87B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsIssuance of common stock · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?